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Lew Defends Council’s Work to Guard Against Financial Risk

U.S. Treasury Secretary Jacob J. Lew pushed back against Republican efforts to curtail the work of a council of regulators charged with preventing another financial crisis and said a failure to examine potential risks could lead to “large-scale problems.”

“If we avoid or are discouraged from asking questions” altogether, “our financial system will be more exposed to unseen risks, potentially leading to large-scale problems,” Lew said in testimony prepared for a hearing tomorrow before the House Committee on Financial Services.